What do you do if your self-employed biotechnology business is struggling?

1 Evaluate your niche

One of the first steps to take if your biotech business is struggling is to evaluate your niche. What are the specific problems that you solve for your clients? How do you differentiate yourself from your competitors? Is your niche too broad or too narrow? Do you need to pivot to a new niche or expand your services? By answering these questions, you can identify your unique value proposition and target market, and focus on the most profitable and relevant opportunities for your biotech business.

2 Update your skills

Another step to take if your biotech business is struggling is to update your skills. Biotechnology is a fast-paced and dynamic field that requires constant learning and development. You need to stay on top of the latest research, technologies, and best practices in your niche. You also need to develop complementary skills, such as communication, marketing, project management, and data analysis, that can help you run your biotech business more effectively and efficiently. You can update your skills by taking online courses, attending webinars, reading blogs and journals, joining professional associations, and seeking feedback from your clients and peers.

3 Optimize your workflow

A third step to take if your biotech business is struggling is to optimize your workflow. As a self-employed biotechnologist, you need to manage multiple tasks and projects, such as research, testing, reporting, invoicing, marketing, and networking. You need to have a clear and organized workflow that can help you prioritize, delegate, automate, and streamline your work processes. You can optimize your workflow by using tools and software, such as project management apps, accounting software, CRM systems, and cloud storage, that can help you save time, money, and resources. You can also outsource or collaborate with other biotech professionals who can complement your skills and expertise.

4 Revise your pricing

A fourth step to take if your biotech business is struggling is to revise your pricing. Pricing is a key factor that affects your profitability and competitiveness in the biotech market. You need to have a pricing strategy that reflects your value, skills, experience, and niche. You also need to consider your costs, overheads, and profit margins. You can revise your pricing by doing market research, benchmarking against your competitors, and testing different pricing models, such as hourly, project-based, value-based, or retainer-based. You can also negotiate with your clients and offer discounts, incentives, or packages that can increase your sales and loyalty.

5 Expand your network

A fifth step to take if your biotech business is struggling is to expand your network. Networking is essential for any self-employed biotechnologist who wants to grow their business and reputation. You need to connect with potential and existing clients, partners, mentors, and influencers who can help you find new opportunities, referrals, collaborations, and insights. You can expand your network by attending events, conferences, and workshops related to your biotech niche, joining online communities and forums, creating and sharing valuable content, and asking for testimonials and recommendations.

6 Seek help

A sixth and final step to take if your biotech business is struggling is to seek help. Running a biotech business can be challenging, stressful, and lonely. You don't have to do it all by yourself. You can seek help from various sources, such as coaches, consultants, mentors, peers, friends, and family, who can offer you guidance, support, advice, and feedback. You can also join or create a mastermind group, a peer-to-peer mentoring group, or a co-working space, where you can share your challenges, successes, and goals with other like-minded biotech professionals. Seeking help can help you overcome your obstacles, learn from others, and stay motivated and inspired.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?